Strategic, Technology-Driven Approach Streamlines Enterprise-Wide Risk Management
VANCOUVER, British Columbia, June 3, 2015 /CNW/ -- ACL, the company that is transforming audit and risk, today announced that State Automobile Mutual Insurance Company (State Auto) has selected ACL™ GRC to address audit, compliance, and risk management needs across the business. ACL's solution will allow the State Auto team to streamline operational and assurance processes while driving adherence to Sarbanes-Oxley (SOX) and regulatory compliance requirements unique to the insurance industry.
Founded in 1921 and headquartered in Columbus, Ohio, State Auto was in search of a way to derive value-add results from risk assurance activities that could be easily organized and presented to management and the Audit Committee. Rather than taking a fractured approach, the risk assurance oriented teams wanted to integrate multiple processes to understand the relationship between operational, SOX, and compliance assurance activities. The team also wanted to move away from using disparate general tools like Microsoft Word, Excel, SharePoint and email, to implement technology that would house the entire audit and compliance management processes in one centralized, risk-centered solution.
"ACL GRC enables the internal audit team to create a continuous workflow and reporting process that allows us to see risks across the board," said Keith Mangine, Assistant Vice President of Internal Audit at State Auto. "The solution was incredibly easy to incorporate into our existing workflow, and will significantly improve our ability to complete audits and reports faster and more efficiently, which in turn increases the value we bring to management and the Audit Committee."
Insurance companies require an effective means of ensuring that transactions from all key business processes comply with internal controls and business policies, as well as increasingly demanding regulatory frameworks. Using ACL's risk assurance and audit management software platform will allow State Auto to manage audits more efficiently and transform the way the team assesses risk.
"Moving to a more integrated and simplified way of tackling projects allows internal auditors to focus on delivering truly meaningful impact on the board and executive management's risk agenda and the intelligence for risk-aware decision making," said Dan Zitting, Vice President of Product Management and Design at ACL. "The beauty of ACL GRC is that it empowers all staff to optimize the value of audits, compliance initiatives, enterprise risk and control assessments and, in turn, drive that high-value risk intelligence into all departments' operational execution."
To learn more about ACL solutions for the insurance industry, visit www.acl.com/solutions/industry/insurance.
ACL delivers software solutions that are transforming audit, compliance, and risk management to give organizations unprecedented control over their business. www.acl.com
© 2015 ACL Services Ltd. ACL and the ACL logo are registered trademarks of ACL Services Ltd. All other company and product names are trademarks of their respective owners.
For further information: ACL media contact: Tom Faust, Stanton Public Relations & Marketing, P. 646-502-3513, E. email@example.com, http://www.acl.com